PayPal is a popular electronic payment system with over 400 million active users.
This service allows you to open a personal or corporate account for money transfers and online payments. To use the functionality of the platform, you need to register and link a credit card or account to your account.
At the end of 1998, the Confinity company was created, which developed the first version of the PayPal payment system. In 2000, Confinity and X.com (a company created by Elon Musk) merged. The conglomerate and core product were planned to be called X.com. However, a study of user reaction showed that the new version of the name is not very successful, so the payment system has remained with its former name. PayPal Inc. was founded in March 2000.
At the beginning of the 2000s, the market for electronic payment systems could hardly be called saturated. Nevertheless, the PayPal service had to withstand serious competition in order to gain a foothold in a promising segment. Notable advantages of the system are increased security and democratic commission rates.
In 2002, PayPal Inc put its shares up for sale. The American company eBay, which specializes in online auctions, forked out $1.5 billion and absorbed the payment system. The PayPal platform has been actively used on the eBay platform almost from the beginning of its appearance. And after the takeover, the subsidiary payment system became the main one for the popular online auction.
The PayPal system quickly conquered the dollar segment of online payments. Over time, the service added the ability to work with the euro, yuan, yen and other currencies, which had a positive impact on the popularity of the platform on a global scale.
In 2015, PayPal Inc was spun off into a separate company. In 2017, PayPal becomes the owner of Swift Financial, a major online lending provider, and also enters into an agreement with the British start-up Thyngs (contactless payments).
PayPal in numbers
Today, PayPal is one of the most popular brands associated with online payments. The platform operates in over 200 countries. About 400 million active users are registered on the service. Over 100 different currencies are available for money transfers. And the number of sites cooperating with the PayPal payment system has long exceeded 1.5 million.
On average, 41 million transactions are made on the PayPal service per day. In 2020, almost 15.5 billion financial transactions were carried out using this system. The PayPal platform processes about $2.5 billion worth of payments and transfers every day. The service handles more than 20% of online transactions in the United States. In the European Region, the United Kingdom and Germany lead by the number of active PayPal users.
PayPal service confidently holds its positions in the segment of electronic payment systems. The number of users is steadily growing. Almost 15 million new accounts were registered in the first quarter of 2021, and PayPal's 2020 revenue was about $4 billion.
PayPal is not going to slow down and continues to build a loyal audience. Apparently, this brand with more than 20 years of history will continue to conquer its market segment.
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